PETER SCHIFF: The US Should Abolish Corporate And Personal Income Taxes

Facing a $1.6 trillion budget deficit, even Congress knows the size of the government debt is unsustainable. However, both parties lack the political to will to act. Republicans talk about cutting government spending, though the record shows they are no more fiscally prudent than Democrats. Democrats say “tax the rich,” but President Obama agreed to extend the Bush-era tax cuts for all.